RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of May 31, 2011 No. PP-1544

About additional measures for further increase in financial stability of insurers

According to the resolution of the President of the Republic of Uzbekistan of November 26, 2010 N PP-1438 "About the priority directions of further reforming and increase in stability of financial bank system of the republic in 2011 - 2015 and achievements of high international rating rates" and for the purpose of further enhancement of insurance activity, increase in capitalization and financial stability of insurers, and also ensuring consumer protection of insurance services:

1. Accept the offer of the Ministry of Finance and Ministry of Economics of the Republic of Uzbekistan about step-by-step, during 2012 - 2014, increase in the minimum sizes of the authorized capital of the insurers differentiated depending on types of insurance activity according to appendix.

To provide to the operating insurance companies (insurers) reduction of the sizes of the authorized capital in compliance with requirements and in terms, established by this resolution.

2. To the Ministry of Finance together with the State Tax Committee of the Republic of Uzbekistan to take measures for suspension and the termination, in the procedure established by the legislation, actions of licenses of the insurers who are not meeting the requirements of Item 1 of this resolution.

3. Recognize as N PP-872 which voided since July 1, 2012 Items 1 and 2 of the resolution of the President of the Republic of Uzbekistan of May 21, 2008 "About additional measures for further reforming and market development of insurance services".

4. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan R. S. Azimov.

Appendix

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